As a seasoned researcher with a keen interest in the ever-evolving crypto landscape, I find myself both intrigued and slightly amused by the ongoing adjustments that exchanges like Coinbase are making to comply with regional regulations such as MiCA.
Starting from November 1, the American cryptocurrency platform Coinbase will discontinue providing incentives for holders of the US Dollar-pegged stablecoin (USDC) residing within the Economic Area of the EU (EEA).
In the message to our valued clients, we outlined that the action was taken due to the impending introduction of regulations concerning electronic money tokens, specifically the Markets in Crypto Assets (MiCA), within our area.
USDC Reward Program Set for Sunsetting
In more than a hundred locations worldwide, Coinbase users can participate in the USDC Rewards Program, earning interest on their stablecoin investments. The return rate, which differs by country, is disbursed monthly and directly credited to the users’ accounts.
As a crypto investor residing within the Economic Area of the EU (EAA), I’ve learned that I’ll keep earning interest on my USDC holdings until November 30. After this date, the interest program will be discontinued. However, reassuringly, I can expect to receive my payouts from the scheme during the first ten business days of December. This means I have until December 13 to collect my funds.
Crypto Companies Adjusting to MiCA
The European Union (EU) has set up a broad regulatory structure called MiCA, which oversees the cryptocurrency market. This framework ensures consistent regulations for issuing, trading, and servicing cryptocurrencies throughout all 27 member states of the EU.
Due to regulatory changes, numerous digital asset firms based in Europe have had to alter their services to ensure they stay within legal boundaries. For instance, Coinbase declared in October that it would eliminate any non-compliant stablecoins from its European platform. Similarly, Bitstamp has taken down Euro Tether (EURt), a stablecoin tied to the euro, as it failed to meet the requirements set by MiCA, which is a new regulatory framework for digital assets in Europe.
Tether is working on creating products that meet the guidelines set by MiCA (Markets in Crypto-Assets) following its investment in Quantoz, a Dutch fintech firm. Additionally, it announced it will no longer provide support for EURt and has provided holders until November 27, 2025, to exchange their tokens.
Coinbase’s rules apply to customers in the Economic Area Agreement (EAA), but three countries – Norway, Iceland, and Liechtenstein – are not part of the EU where MiCA will be enforced. Since they frequently align with the EU’s measures due to their participation in its internal market, even though they aren’t obligated by MiCA directly, experts predict that they may voluntarily adopt similar regulations.
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2024-11-30 18:18